Rocketing inflation sets the stage for commodity prices to hit new record highs – what’s next? [video]

Inflation is here and it's everywhere.

This should come as no surprise considering that Commodity Prices, which act as a leading indicator of global inflation are surging across the board from the metals, energies to agricultural markets.

On Friday, Federal Reserve Chair Jerome Powell acknowledged that “inflation pressure is likely to last longer than previously expected” and Americans should prepare themselves for several years of higher inflation.

Twitter and Square CEO Jack Dorsey responded to Powell comments with a tweet warning things are going to get considerably worse in the U.S and the world.

"Hyperinflation is going to change everything. It’s happening," Dorsey tweeted late on Friday.

The tweet comes with U.S Consumer Price Inflation accelerating by 5.4% in September – its largest increase since July 2008. While, the Fed’s preferred gauge of inflation, the Core Personal Consumption Expenditures Price index, soared to a whopping 30-year high.

According to economists, the actual global inflation figures are likely much higher than being reported, because of the obvious understatement in housing and food costs buried in consumer prices.

Signs of inflation are growing more obvious day by day, from soaring shipping costs, rising energy bills, food and general commodity prices to shortages of products and labour. That trend shows no sign of slowing down anytime soon.

So far this year, central bank officials have dismissed surging inflation as being only ‘transitory’. However traders are unconvinced and believe global policymakers have lost control over inflation.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: